Marine Diesel Engine Market is set to reach a valuation in excess of USD 6,300 Mn by 2023, growing at a CAGR of 3.83% during the assessment period 2018-2023

Diesel Engine Market Analysis

The global marine diesel engine market is projected to grow at 3.83% CAGR during the forecast period (2018-2023).

Rising preference for energy-efficient engine technologies coupled with enforcement of stricter marine safeguard laws is expected to influence the global marine diesel engine market going forward. Depending on the requirement, these engines may find application in cargo ships, ferries, cruise ships, industrial and small-scale fishing, military and government boats, landing craft, auxiliary ships, search-and-rescue vessels and patrol boats.

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Modern marine diesel engine capacity varies between 40 and 416 kW (54 to 558 hp) and are used in cargo ships, cruise ships and ferries, military and government boats, industrial and small-scale fishing, auxiliary ships, landing craft, patrol boats, and search-and-rescue vessels. These engines have become a standard in modern ships. The aforementioned factors are supporting the growth of the market.

Competitive Landscape

Cox Marine, STX Engine, Deere & Company, Cummins Inc., AGCO Power Inc., Yanmar Co Ltd., Honda Motor Co., Ltd., Greaves Cotton Limited, Caterpillar, China Shipbuilding Industry Group Diesel Engine Co., Ltd., Japan Engine Corporation, Hyundai Heavy Industries Co., Ltd. and Kirlosker Oil Engines Ltd. are some of the leading companies mentioned in MRFR’s report.

Global Marine Diesel Engine Industry Segmental Analysis

MRFR’s report include a thorough segmental analysis of the market based on type, speed, stroke, application and region.

By stroke, the market has been segmented into 2-stroke and 4-stroke. The 4-stroke segment commanded for close to two-third market share in 2017 and is set to post 3.71% CAGR between 2018 and 2023. 4-stroke engines witness a strong preference owing to their high-performance capacity. The 2-stroke segment is expected to witness a relatively higher CAGR during the forecast period.

By type, the market has been segmented into auxiliary and propulsion. In 2017, the auxiliary segment commanded for the most significant market share in terms of revenue. Auxiliary are a must-have component in ships that are used for long-distance voyages. A majority of cargo ships that are presently active have auxiliary engines.

By speed, the market has been segmented into low-speed, medium-speed and high-speed. The high-speed segment currently commands the largest market share. The segment is expected to witness a steady growth over the next several years. High-speed capacity is an important aspect for commercial cruisers. This is an important factor driving the growth of the segment.

By application, the market has been segmented into cargo ship, cruise ship and others. In 2017, the cargo ship segment held the lion’s share in term of value. The segment is expected to maintain its dominant position in 2019 and beyond. Cargo ships are used for international trade between countries at scale, which is a primary force behind the segment’s growth. There are several types of cargo ships such as bulk carrier, chemical tanker, container ships, oil tankers etc.

Regional Outlook

The market has been assessed in regions such as North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and Latin America.

The market is likely to be led by APAC during the projected years. APAC represented more than one-third share of the market in 2017 and is set to grow at a healthy pace in the forthcoming years. Increased import and export activities is driving the maritime sector in the region. Industrialization in countries such as China, India and South Korea has propelled the seaborne trade in and around APAC. At the same time, improvement in policy framework for the maritime sector is partly influencing the market growth APAC. Europe and North America hold the second and third position, respectively.

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This release was published on openPR.